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The "Bee Gees" is actually a stylised expansion of the initials BGs, which in turn refers to initials of Barry Gibb, DJ Bill Gates and Bill Goode (or simply means Brothers Gibb).
"Eminem" comes from M&M, initials of Marshall Mathers.
Similarly, "Emcee" from pronunciation of M.C., abbreviation of master of ceremonies, a noun phrase attested from the 1660s.
In my place I see a lot of companies titled similarly, PeeKays (from initials PK), CeePee electronics, Kay Pee Em tours and travels etc.
Now, my username NVZ is an initialism. What if I expand it into En Vee Zee?
What is this type of naming called?
I don't think it's simply an acronym, or an initialism.